M.B. Shah, President—It is the case of the complainant, M/s.Gujarat Lyka Organics Ltd., now merged with M/s. Sun Pharmaceutical Industries Ltd., that it deals in production and sale of antibiotics and life saving drugs and is enjoying a global market. It is the say of the complainant that it had appointed the State Bank of India (hereinafter referred to as SBI for short), Opp. Party No. 1, as a negotiating bank for the purpose of a Letter of Credit (hereinafter referred to as L.C. for short) opened at the request of one M/s. Condea Chemical Trading Company, Honkong, (hereinafter referred to as M/s. Condea for short) by Hongkong and Shanghai Banking Corporation Ltd. (hereinafter referred to as HSBC for short) in favour of the complainant. It is contended that as the negotiating bank, the SBI offered to render services to the complainant in the matter of the said L.C. for consideration agreed to be paid by the complainant. The bank had undertaken to pay the complainant an amount of US $ 1,41,000 as mentioned in the L.C.

2. The complainant despatched the goods in October, 1994 as per the terms of the contract to the consignee, M/s. Condea Chemical Trading Company, and on 26.10.